M.K. Shrawat, Member - (1.) The Petitioner M/s. Bell Finvest (India) Ltd. is a "Financial Creditor" hence submitted the requisite Form on 27.07.2017 in respect of the alleged outstanding financial Debt of Rs. 53,43,350/- (Principal + Interest). The Petitioner had advanced a sum of Rs. 36 lakhs to the Financial Debtor M/s. Advance Logistics & Trading (India) Pvt. Ltd. The Petitioner has filed the Petition under Section 7 of the Insolvency & Bankruptcy Code 2016.
(2.) The loan advanced was to be repaid as per the terms and conditions agreed upon by both parties as per the Loan Agreement dated 14th October, 2015. The lender is stated to be a Non-Banking Financial Company registered with the Reserve Bank of India hence engaged in the business of advancing loans. The Corporate Debtor defaulted the repayments on 19.02.2016 (date of default) as stated in PART-IV, "Particulars of Financial Debt', filed by the Financial Creditor.
(3.) Brief history of the Financial Debt a) The Corporate Debtor Company has approached the Financial Creditor on 13.10.2015 requesting to sanction a temporary loan up to Rs. 40 lakhs which was to be repaid in 10 equal monthly instalments, for the purpose of 'Working Capital' in business. b) Thereafter, the Financial Creditor has sanctioned a loan amount of Rs. 36 lakhs @ flat interest rate of 10% p.a. payable in advance. In case of interest and/or principal instalments due were defaulted/delayed, additional interest @ 1% per day over and above the interest rate, for defaulted/delayed period on the instalments/amount due (calculated from due date till date of payment) was payable. A Demand Promissory Note was also executed on 14.10.2015 by the Corporate Debtor Company. c) Details of the total outstanding loan amount:- ;